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New horizons

The world is changing, society’s requirements are changing and the profession needs to change too. Martin Martinoff explains how AuditFutures is leading the way

The audit profession is going through a period of unprecedented change. This has been driven by factors such as the vacuum in public trust created by failing institutions and financial scandals, by the need to respond to emerging stakeholder expectations and to implement any consequent new and updated regulations and standards; and by a transformation in thinking on what audit is and what it can potentially achieve. Although the profession's responses to some of these drivers are necessarily reactive, AuditFutures (an ICAEW and Finance Innovation Lab initiative) is enabling a more proactive approach. Over the past two years, it has built a community where the profession can collaborate with academics, entrepreneurs and thinkers to critically consider audit: asking challenging questions, addressing complex problems, and exploring fresh perspectives on its future.

This is an extract from an article in the March 2015 edition of Audit & Beyond, the magazine of the Audit and Assurance Faculty.

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